Osprey Maritime Plans $70M Injection

Friday, March 24, 2000

Shipping group Osprey Maritime Ltd. plans a proposed $70 million injection of new equity together with a major restructuring, a company spokesperson reported. The company has received an offer from Schroder Partners Asia Ltd., advisers to the Schroder Venture Partners Asia Pacific Fund, to invest about $54 million by means of a placement and rights issue.
The Schroder Fund would subscribe for new ordinary shares equal to about 20 percent of the company at a price of S$0.35 a share, which would raise about $14 million.
In conjunction with the placement, the company would have a 2-for-3 rights issue also at the same price.